Banking Sector Overview
T he coronavirus (COVID-19) outbreak has snowballed into a major global crisis causing immense personal and financial suffering for consumers, communities, and businesses.
The banking industry, in addition to facing its own challenges, is expected to help customers in this hour of need. Over the course of the pandemic, Banks experienced a 400% increase in calls seeking support.
Let's have a look at the macro factors impacting the banking industry and how we can augment the traditional business continuity plans using strong digital enablers
AI tools to predict the top reasons for inward calls and proactively share such information
Bots to manage routine calls and outward calls
Remote call management to address increased staffing requirements
AI-based monitoring and assessment
Management dashboards with decision support tools
Digital workouts for loan restructuring
Predictive capabilities for probability of default, and monitoring and managing asset quality deterioration and risks
Intelligent web and mobile appointment assistant
Digital-token management solution
Branch concierge solutions with dynamic queue management
E-Engagement tools Secure
home agent technology
Bot-based training and service assistant
Business process re-engineering and automation
Low Code / No Code Platforms to build faster at almost 1/10th the cost by creating citizen developers
Digital twin technologies to expedite throughput
Regular communication from appropriate authorities needed to instil confidence and retain customer trust.
Leverage platforms like Solace to provide scalable messaging services – manage large bursts, provide low latency protocol conversion across (Rest, File, AMQP, MQ etc.), ensure zero data loss at scale, facilitate compliance with regulatory requirements for notifications (SMS, Email- OTP)
Digital solutions that provide rapid or quick resolutions to the problems created by the COVID-19 crisis are the need of the hour! Reach out to our experts to understand how we can help build a strong business-enabling technology suite catered to your needs!
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